Commercial Bank of Qatar (CBQ) will open subscriptions for a 1.5 billion riyals ($412 million) rights issue on Jan. 8, the Gulf state's third-largest lender by assets said on Thursday.

The subscription period for shareholders and holders of subscription rights will run until 1 p.m. Doha time (1000 GMT) on Jan. 22, the bank said in a statement. CBQ got approval from shareholders at an extraordinary general assembly on Nov. 16 to increase its capital by 18 percent through an offering of 58.8 million new shares at 25.5 riyals each. CBQ shares closed 7.6 percent higher at 32.5 riyals on Thursday. The share offer will boost the bank's share capital to 3.85 billion riyals from 3.27 billion riyals, CBQ said. The bank said last month that shareholders would be allowed to buy one new share for every 5.5 held.